Can a corporation or LLC avoid probate in Florida?
Yes, a corporation or LLC can avoid probate in Florida. However, this is not done automatically. To avoid probate, you must either move your business interest into a trust or edit the operating agreement/bylaws of the business. How can an LLC avoid probate in Florida? You can avoid probate for an LLC by either making […]
Can Medicaid take life insurance from the beneficiary?
Medicaid cannot take your life insurance policy while you are still alive. However, if your estate is the beneficiary of your life insurance policy and you receive long-term care Medicaid benefits, then Medicaid may take your death benefit proceeds to recover those costs. If you receive any sort of long-term care Medicaid benefits, then after […]
What is the difference between a trust and an estate plan?
A trust is a single document that might plan for your death or incapacity, whereas an estate plan is a collection of documents regarding your death or incapacity. A trust is often included in an estate plan. An estate plan is a plan for your own death or incapacity. That means that your estate plan […]
What is a discretionary trust?
In a discretionary trust, the trustee has complete discretion over how, when, and whether to make distributions to beneficiaries. In other words, the beneficiaries of a discretionary trust have no power to force the trustee to make a distribution, no matter how much that beneficiary might need the money. And because the beneficiaries have no […]
Is a trust legally binding?
Yes, a trust is legally binding if it is executed correctly and the trust is irrevocable. However, if the trust is revocable, then the trust does not legally bind the grantor. Trust Requirements in Florida In order for a trust to be executed correctly in Florida, it must meet the legal requirements of a trust. […]
Does a will need to be recorded in Florida?
No, a Florida will does not need to be recorded to be validly executed. However, your will is typically submitted to a probate court after you die, and at that point it will be part of the public record. Some legal documents need to be recorded. Recording means making a public record of your transaction. […]
What happens to a living trust after death?
After you die, your living trust will be taken over by your successor trustee, who will manage the trust according to the terms you have laid out. What will the successor trustee do with my living trust? The successor trustee will manage the trust according to the terms laid out in the declaration of trust. […]
Does Your Will Supersede Other Legal Documents?
Nearly everyone needs a last will and testament. As an estate planning attorney, I can say that with confidence. But the will is often a misunderstood document. For example, it is useful in ways that people do not understand, such as designating backup guardians for minor children. Another area of confusion is what happens when […]
Does a will give access to bank accounts?
A will can give access to a bank account unless that account has a joint owner or a pay-on-death beneficiary. If the sole owner of a bank account dies, then the account will pass according to the terms of the owner’s will. This means that the account will have to go through the probate process […]
Does a will need to be signed on every page?
No, a will does not need to be signed on every page to be valid. However, signing or initialing every page of the will is a common practice and can be used to show that you intended for every page to be included in the document. A Florida will must be signed by the testator […]